Banco Comercial Portugues has delayed the sale of Bank Millennium because of market conditions, after failing to get firm offers in the latest round of bidding, according to people with knowledge of the discussions. In October, the Polish company reported its highest quarterly profit in three years, beating analyst estimates.
"Banks are making big promises for next year, but they are not finding buyers," said Chris Wheeler, a financial-services analyst at Mediobanca SpA in London. "What CEO would be thanked for doing an M&A deal these days? They may miss fantastic opportunities, but it's all about being cautious."